The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto-coins. Marketplaces are popping up across the internet, designed to sell and buy NFTs with cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea before for a good reason. It’s one of the biggest and leading marketplaces among users of cryptocurrency due to its security and quick transactions.
So, hop on board and discover what you can do with OpenSea as well as examining the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Architecture
The goal of OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions with no additional fees. It also has additional functions which allow you to market your artwork without any difficulties.
In terms of registration, you won’t have to worry about giving any personal information about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that without going through many hassles when you enter into NFTs.
The most well-known cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it, and this is used for the majority of transactions. It also operates using the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two types of blockchains that are available, you can choose which one you want to transfer your NFT to as a seller. This is to ensure the security of your NFT, along with the people who want to purchase it. Every transaction will be conducted by using the blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything as simple as a domain name, to a piece of art from an artist that you admire. Anyone can sell however, it takes time for anyone to be an established seller.
There is a wide variety of NFTs available of NFTs available at OpenSea and you can become a part of the collection! You can set up your own market here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that the majority of young people are familiar with it , but aren’t sure exactly what it actually means. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the new things you can purchase your cryptocurrency includes an NFT. An NFT is a non-fungible token which is extremely individual and cannot be changed. It could be an item of any rareness like authentic baseball cards, or a unique vinyl album.
There’s no limit on what an NFT can be as it’s a non-fungible object you’re selling on the internet. More straightforwardly, you can simply consider an NFT as a digital item that is paid for using cryptocurrency only.
Minting is like calling the shots on your own NFTs. You’re claiming the owner of the item or token that you have uploaded to the market place, but selling it. Typically, this is official once you fill out all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea It’s a very simple process to mint your NFTs by visiting the store and creating a collection to start! Complete the correct and correct information regarding your NFT and select the type of settings you’d like for it (e.g. blockchain and money transfer tokens). After that you are able to upload it, if it’s within the 100 MB limit.
You can watch and see how the transactions go from here on out to determine if OpenSea is the marketplace for you.
What NFTs are available here?
In this moment you’re probably asking yourself which kind of NFT be purchased here and what kind of NFTs you can sell should you decide to go down that path. The type of NFT it can be is unlimited because there’s a wide range of options for how to do it.
You can be selling digital items, trading cards games, domain names, and some physical items! Consider what you believe will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what sets OpenSea from the others. There are zero gas fees for using this feature when you make and then sell the NFTs. This is essentially a way to ensure that you get the most profit when you start selling because you won’t have to spend on any additional charges.
There aren’t many NFT marketplaces offer this feature, which is why this is great for you to receive high profit from your collection.
A Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets there are rewards when you refer a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50% of the sale amount, which allows you to earn more money by this method.
Other NFT marketplaces do not have this feature, so that’s just another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it is mainly used to browse through the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.
OpenSea’s mobile apps are available for the two platforms of iOS in addition to Android. Even though you can’t buy or sell something, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you You can also trade your fiat currency for cryptocurrency through these platforms. OpenSea Architecture
You can exchange your fiat money via the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex and more!
Each of them has the option to exchange for ETH, which is the most common crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all forms of crypto, wallets are nevertheless more compatible than others. Because it is based around an ETH blockchain, all wallets with a connection to this network are appropriate for the site.
Here’s a list of several crypto wallets you can use in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, only mobile usage as well as the capability to purchase cryptocurrency with the credit card. OpenSea Architecture
To learn more about it to learn more, check out their FAQs for the steps you can start and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Available as mobile apps for iOS or Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties 10% for artists (low royalty).
- Cannot buy or sell through the mobile app.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto account is needed to use this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. But overall, you can quickly recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions OpenSea Architecture
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way for selling their artwork online and receive cryptocurrency as their form of payment. It’s an ideal option for artists who want to use for selling NFTs because of its zero gas fees and low commission fee rate that you have to pay.
You can shop and browse the vast array of digital goods in this NFT marketplace which is why you should definitely go through it!
Is OpenSea real and secure?
Answer: Yes! OpenSea is a reputable marketplace since its inception on the 1st of December in the year of 2018. Because its system is built on blockchain technology and is secured, it is safe to say that your transactions are secure and safe.
Additionally as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark is placed to your account or collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the content to ensure users are secure.
How can I earn royalties on OpenSea?
As an artist, you will get only 10 percent of the royalties after you upload the NFT. This is thought to be quite low in comparison to others NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) has been frequently used on this site and many others to accommodate the increasing number of cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can use to access OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using trusted platforms with fiat money. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile application?
As previously mentioned There is an official mobile app from OpenSea available for both iOS and Android. Download it at their respective app store, and you can start exploring the collection now!
A version for desktops that OpenSea which can be downloaded from WebCatalog. In the desktop application you are able to manage multiple accounts and receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).